Over $100 billion invested in Azerbaijan's oil and gas sector so far

Baku, September 23 - Neftegaz.RU. The development of Azeri Chirag Gunashli (ACG) fields, which laid the foundation for the development of oil production and exports in Azerbaijan, keeps continuing investors. So far, $101 billion has been invested in Azerbaijan’s oil and gas sector, said Rovnag Abdullayev, President of SOCAR, Azernews reported.

Of this, $36 billion alone has been invested in the development of a block of ACG fields. Abdullayev noted that the total investments in Azerbaijan’s economy amounted to approximately $265 billion.

Abdullayev noted that gas production growth in Azerbaijan is expected at 20 % in 2019. “The same high dynamics of gas production growth will continue in subsequent years,” he said.

“Azerbaijani sector of the Caspian Sea is rich in hydrocarbon reserves. We expect good results from gas production not only at Shah Deniz, but also at the Absheron, Karabakh, Umid fields. In addition, there are great expectations for the structures of Babek, Shafag, Asiman, Ashrafi, Dan Ulduzu, Aypara,” he added.

Additional gas volumes from new, promising gas sources can play an exceptional role in expanding the capacity of Southern Gas Corridor, which will deliver Azerbaijani gas to European markets.

Abdullayev stressed that Azerbaijan sets new goals for the development of chemical industry and gas processing, the replacement of imported products by domestic production.

He pointed out that over the past 10 years, SOCAR's assets have increased more than 4 times, the turnover - more than 26 times.

Author: Leman Mammadova